According to Monique Nsanzabaganwa, Deputy Governor of Rwanda’s Central Bank, 95% of the online payments in the country are made via Mobile Money services. This is a sign that Rwanda is making relatively smooth progress on its journey towards a cashless economy, journey which started in 2008. This progress is also reflected in a considerable increase in the number of points of sale (PoS), credit cards and mobile money agents in the country between 2010 and 2016.
However, many Rwandans seem concerned about the security of digital payment channels and still prefer to carry cash, despite the government’s assurance that these systems are perfectly safe to use. The government also needs to reduce the cost of digital financial services to encourage their use among the Rwandan population. Nevertheless, Rwanda is now a close second to Kenya, among the countries of the East African Community (EAC), when it comes to going cashless.